Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
US stock futures were up Sunday evening. But oil futures fell, a sign that investors may be feeling pessimistic that a resolution to the price war between Saudi Arabia and Russia — a disagreement which has driven oil prices to their lowest in decades — will really be coming this week.
Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production.
British Prime Minister Boris Johnson, who tested positive for COVID-19, was admitted to the hospital due to “persistent symptoms of coronavirus,” the BBC reported Sunday. A government spokeswoman described the move as a “precautionary step” that was “on the advice of his doctor.” Johnson, 55, has been isolating after being diagnosed with coronavirus 10 days...
Global benchmark oil prices are expected to open lower on Monday as a dispute between top crude exporters Russia and Saudi Arabia raises concerns of another collapse in talks to curb production at a meeting this week.
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